USDINR
On Thursday, The domestic unit (rupee) stuck between 82.65 -82.95 levels after inflation data from India as well as USA, we are expecting USDINR commence session between 82.75 – 82.85 levels as dollar mild correct from six-week highs on early Asian session, led by a string of data pointing to a stronger economy that has driven up bets on Federal Reserve rate hikes, steadying the greenback and paving the way for gains in the coming months.
USDINR TECHNICAL
Day Trend: - BUY ON DIP
Weekly Trend: - HOLD
INTRADAY RANGE – 82.97 (82.85 – 82.72) 82.59
THE DOLLAR
The dollar, which has been hammered since late last year, has found reprieve in rebounding Treasury yields as strong economic data support bets on a more aggressive Fed rate-hike path.
THE STERLING
Sterling surge $1.2031 in early Asian session the wake of data showing British inflation cooled more than expected in January to an annual rate of 10.1%, alleviating some of the pressure on the Bank of England to keep hiking interest rates.
THE EURO
The euro up against the dollar to 1.0697 in early Asian session . In December, Fed policymakers' median projection saw the central bank's policy rate peaking at 5.1% this year. But interest rate futures markets have priced a peak above 5.2% hitting in July, and traders are becoming less sure that cuts are coming in 2023. Rates currently stand at 4.5% to 4.75%.
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